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I really appreciate your work. Thanks.

I bought my first VLE in May 2023 below 2 C$. It is my biggest position meanwhile. Your analysis of VLE is the best i found.

I forgot to answer on X so here my tip for EV/FCF<2 . You should take a look at PNOR (Petronor).

MC ~ 133 MUS$

Cash 97 M$

EBITDA Q1 28,7 M$ my estimate for year 70-75 M$, Netprofit Q1 14,1 M$, i have no number for FCF

IMHO PNOR is the cheapest africa based O&G not AOI

Production in Republic of Congo (Brazzaville) - Development in Nigeria

Soon will pay 25 M$ divi (profit from farm-out deal)

Some trouble also ;-)

You could also have a look at AET, FCF% could be ~ 48% in my calculations

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Ty I gotta take a look. Sounds like my kind of stock.

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